In a critical dialogue about global economic trends, Financial Secretary Mr. Paul Chan emphasized the growing significance of multilateralism while speaking at the China Development Forum held in Beijing on March 23, 2025.
During his participation in the event, Chan pointed to three major trends reshaping the global landscape: the deteriorating impacts of protectionism and unilateralism, the rise of economies within the Global South, and the rapid advancement of technology, particularly artificial intelligence (AI).
According to Chan, the current era is increasingly marked by protectionist policies that create uncertainty and instability in the global economy. He stated, "the rise of protectionism and unilateralism is bringing uncertainty and instability to the global economy, while the trend of regionalisation is reshaping international economic and trade relations and the global trading system."
Highlighting the emergence of Global South economies, Chan noted they are becoming significant engines for growth worldwide. This focus aligns with the current global investment patterns where developing nations increasingly attract foreign interest.
Additionally, Chan pointed towards the implications of rapidly evolving technological landscapes, saying that AI is not only altering production methods and business frameworks but also consumer behavior. He encouraged all parties to recognize and adapt to these transformations.
In response to these shifting dynamics, Chan reiterated Hong Kong's unique positioning under the "one country, two systems" arrangement, proposing that the city has a crucial role in bolstering international exchanges and cooperation. “Hong Kong can play a special role in deepening international exchanges and co-operation, contributing to the country's high-level opening-up and quality development while creating greater business opportunities for global economies and enterprises,” he asserted.
Chan presented a multifaceted strategy aimed at strengthening both economic ties and technological innovation in Hong Kong. He outlined that the city will leverage its geographic and economic advantages to reinforce connections with traditional markets in Europe and the Americas, while also exploring new markets in the Asia Pacific and beyond. He declared, “Hong Kong will strengthen ties with traditional markets in Europe and the Americas, while exploring new markets, and developing high-value multinational supply chain management and trade financing services to support Mainland enterprises in going global.”
On technology, Chan emphasized an innovative approach tailored towards AI, suggesting that Hong Kong aims to cultivate a burgeoning ecosystem that integrates international capital, data, and talent with local industry needs. This, he argues, could solidify Hong Kong as a pivotal hub for AI industry cooperation.
Concluding his remarks, Mr. Chan reiterated that Hong Kong would continuously evolve and adapt, nurturing new quality productive forces in line with local conditions and advancing institutional innovation designed to fuel growth.
In related health news, the Centre for Health Protection (CHP) of the Department of Health responded on March 23 to media inquiries regarding a cluster of gastroenteritis cases among students participating in an exchange tour to the Mainland. This incident raised alarm as more students reported symptoms compatible with norovirus infection following their trip to Zhaoqing.
On March 20, a total of 135 teachers and students from a secondary school in Tsing Yi went on a three-day exchange to Zhaoqing. However, from around 11 am on March 21 until 8 am the following day, 21 individuals, including 20 students and one teacher, showed symptoms of gastrointestinal distress. Notably, 18 of the affected students sought medical attention in Zhaoqing, and subsequently, eight of them tested positive for norovirus.
“We have commenced an epidemiological investigation,” the CHP stated, detailing ongoing efforts to trace the virus's source. Initial findings suggest the infection's potential transmission routes could have included contaminated food or person-to-person spread. All affected individuals are reported to be in stable condition and have since been discharged.
In light of the increasing number of gastroenteritis outbreaks, particularly among popular travel destinations for Hong Kong citizens, there’s also a significant emphasis on public health in this context. Areas facing recent outbreaks include Japan, where the number of gastroenteritis cases has spiked, and various places in Taiwan and Singapore are also reporting higher incidents.
Officials from the CHP provided health advice emphasizing the need for personal hygiene, proper food handling, and cleanliness to mitigate infection risks. The CHP noted the public should maintain vigilance, especially with rising acute gastroenteritis activity observed locally, indicating an increase in outbreaks—57 and 49 recorded respectively in January and February, with 21 cases reported as of mid-March.
The CHP's preventive measures encourage engaging in thorough handwashing and avoiding unlicensed food establishments while traveling, reinforcing health and safety protocols to ensure the wellbeing of all individuals involved.
As Mr. Chan prepares for his return to Hong Kong tomorrow, these two significant conversations—the prospects of global economic enhancement and the vital health responses to emerging crises—illustrate the interconnected challenges facing both local and global communities.
